Midlands Industrial Association Ltd (Mia Ltd)

General information

MIA was established in 1982, its aims and objectives are to promote employment and fight dereliction through the encouragement of the small firm's sector, by providing workspace from the redevelopment of redundant buildings and the reclamation of derelict inner city and Brownfield sites. The Association is a registered friendly society, directors do not receive dividends, all surpluses being reinvested into providing additional business space.

The business units are let on a low risk, easy in - easy out, monthly licence agreement inclusive of service charges and buildings insurance and in some cases inclusive of rates, heating and electricity usage. Tenants can vacate with one months notice if things do not go well and easily increase space if the company expands. The spaces are let at affordable rents with immediate occupation. Since occupancy can be terminated with just one months notice there is little need to incur legal fees, tenants are not locked into a lease, do not have to provide financial guarantees and do not have to budget for unknown and unexpected service charges. Therefore, they are better able to forecast overhead budgets and manage cashflow.

This approach removes the risk from renting commercial property and encourages the growth of small businesses whilst breathing new life into redundant buildings and Brownfield sites.